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The FBI is Launching A New Team For Crypto Investigations

The National Cryptocurrency Enforcement Team or, NCET will evaluate cryptocurrency crimes.

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CBS / Paramount

The FBI is officially planning to put together a crypto-centric task force to investigate all sorts of crypto criminal activities.

The announcement of The National Cryptocurrency Enforcement Team (NCET) was made by Lisa Monaco, the Deputy Attorney General on Thursday. The team will evaluate the type of crimes involving crypto and might need more resources to investigate and prosecute these types of cases.

Eun Young Choi, a longtime prosecutor will be heading up the team, per the details of a press release.

Monaco made the announcement of the new unit amidst a keynote address at the Munich Cyber Security Conference, citing that the unit shall conduct its own blockchain analysis as well as the seizing of assets involved in crimes.

“I think we are sending a message that cryptocurrencies and virtual currencies should not be considered a safe haven,” said Monaco in a Q&A session following the keynote.

The team’s focus shall be on crypto exchange, mixers, tumblers, and various other types of digital asset infrastructure providers that might just allow for “the criminal misuse of cryptocurrencies,” per the release.

Another key focus shall be Ransomware, according to Monaco, who also said that law enforcement officials have to “bust [the] business model” for launching these types of attacks.

“The NCET will enhance the Criminal Division’s existing efforts to provide support and training to federal, state, local and international law enforcement to build capacity to aggressively investigate and prosecute serious crimes involving cryptocurrency and digital assets in the United States and around the world,” the release stated.

The Department of Justice also launched its own crypto enforcement team by the end of 2021, and it consists of anti-money laundering and cybercrime experts.

Monaco said at the time that “cryptocurrency exchanges want to be the banks of the future. Well, we need to make sure that folks can have confidence when they’re using these systems and we need to be poised to root out abuse.”

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